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Required information Exercise 12-12 (Algo) Indirect: Preparing statement of cash flows LO P2, P3,
A1 [The following information applies to the questions displayed below.] The following financial
statements and additional information are reported. Additional Information a. A $30,000 note
payable is retired at its $30,000 carrying (book) value in exchange for cash. b. The only changes
affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired
for $80,600 cash. d. Received cash for the sale of equipment that had cost $71,600, yielding a $4,
300 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income
statement. f. All purchases and sales of inventory are on credit. Exercise 12-12 (Algo) Part 1
Required: (1) Prepare a statement of cash flows using the indirect method for the year ended June
30, 2020. Note: Amounts to be deducted should be indicated with a minus sign.Required: (1)
Prepare a statement of cash flows using the indirect method for the year ended June 30, 2020.
Note: Amounts to be deducted should be indicated with a minus sign.2) Compute the company's
cash flow on total assets ratio for its fiscal year 2020.

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Required information Exercise 1212 Algo Indirect Prepari.pdf

  • 1. Required information Exercise 12-12 (Algo) Indirect: Preparing statement of cash flows LO P2, P3, A1 [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. Additional Information a. A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $80,600 cash. d. Received cash for the sale of equipment that had cost $71,600, yielding a $4, 300 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. f. All purchases and sales of inventory are on credit. Exercise 12-12 (Algo) Part 1 Required: (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2020. Note: Amounts to be deducted should be indicated with a minus sign.Required: (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2020. Note: Amounts to be deducted should be indicated with a minus sign.2) Compute the company's cash flow on total assets ratio for its fiscal year 2020.